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Binance

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Binance
Founded2017
Founders
Headquarters
Key people
Changpeng Zhao (CEO)
ProductsCryptocurrency exchange
Websitewww.binance.com

Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies. Since early 2018, Binance is considered as the biggest cryptocurrency exchange in the world in terms of trading volume.[2]

History

CEO Changpeng Zhao had previously founded Fusion Systems in 2005 in Shanghai; the company built high-frequency trading systems for brokers. In 2013 he joined Blockchain.info as the third member of the cryptocurrency wallet’s team. He also worked at OKCoin as CTO for less than a year, a platform for spot trading between fiat and digital assets.[3]

The company was founded in China but moved its servers and headquarters out of China and into Japan in advance of the Chinese government ban on cryptocurrency trading in September 2017.[4] By March 2018 the company had established offices in Taiwan.[3]

As of January 2018 it was largest cryptocurrency exchange with a Binance coin (BNB) market capitalization of $1.3 billion.[2]

In March 2018, Binance announced its intentions to open an office in Malta after stricter regulations in Japan and China.[5] In April 2018, Binance signed a Memorandum of Understanding (MoU) with the Government of Bermuda[6]. Months later, a similar memorandum was signed with the Malta Stock Exchange to develop a platform for trading security tokens[7]. In 2019, company announced Binance Jersey, an independent entity from its parent Binance.com exchange, with the aim to expand its European influence. Jersey based exchange offers fiat-to-cryptocurrency pairs, including the Euro and the British pound.[8]

In August 2018, Binance along with three other big exchanges raised $32 million for a stable coin project. The idea of stable coins is to provide a cryptocurrency without the notorious volatility of Bitcoin and other popular digital assets.[9]

In January 2019, Binance announced that it had partnered with Israel-based payment processor Simplex to enable cryptocurrency purchases with debit and credit cards, including Visa and Mastercard. The purchases are subject to Simplex’s local bank policies and are limited to Bitcoin, Ethereum, Litecoin and Ripple’s XRP.[10]

On May 7, 2019, Binance revealed that it had been the victim of a “large scale security breach” in which hackers had stolen 7,000 Bitcoin worth around U.S.$40 million at the time.[11] Binance CEO Changpeng Zhao said the hackers “used a variety of techniques, including phishing, viruses and other attacks” and structured their transaction “in a way that passed our existing security checks.”[12] Binance halted further withdrawals and deposits but allowed trading to continue. The site pledged to reimburse customers through its secure asset fund.

References

  1. ^ "Why world leader crypto exchange Binance moved to Malta". Malta Today. Retrieved 19 July 2019.
  2. ^ a b Nakamura, Yuji; Lun, Haidi (2018-01-11). "World's Top-Ranked Crypto Exchange Adds 240,000 Users in One Hour". Bloomberg.com. Retrieved 2018-03-08.
  3. ^ a b Ambler, Pamela (7 February 2018). "From Zero To Crypto Billionaire In Under A Year: Meet The Founder Of Binance". Forbes.
  4. ^ Xiao, Eva (30 November 2017). "Three months after launch, this unbanked crypto exchange made $7.5m in profit". Tech in Asia.
  5. ^ Nakamura, Yuji (2018-03-23). "World's Biggest Cryptocurrency Exchange Is Heading to Malta". Bloomberg.com. Retrieved 2018-03-24.
  6. ^ "Wayback Machine" (PDF). web.archive.org. 19 January 2019. Retrieved 19 January 2019.
  7. ^ plc, Malta Stock Exchange. "MSE and Binance sign MoU". Malta Stock Exchange. Retrieved 19 January 2019.
  8. ^ "Crypto Giant Binance to Offer Euro Trading Pairs This Year". Bloomberg.com. 2018-06-11. Retrieved 2018-06-14.
  9. ^ "Binance and Other Crypto Exchanges Back $32 Million Stable Coin Project". Fortune. Retrieved 2018-08-30.
  10. ^ Russell, Jon. "Binance now lets users buy crypto with a credit card". TechCrunch. Retrieved 31 January 2019.
  11. ^ Kharpal, Arjun (8 May 2019). "Binance bitcoin hack: Over $40 million of cryptocurrency stolen". www.cnbc.com. Retrieved 8 May 2019.
  12. ^ Valinsky, Jordan. "Hackers steal $40 million worth of bitcoin in massive security breach". CNN. Retrieved 8 May 2019.

External links